Bangalore has been attracting a number of property owners over the last decade. It has a number of new projects on offer. It would be a wise decision to go for a ready to move project in the city, rather than an under-construction one. If you are wondering how this would benefit you, this blog is for you. Read on to know how you would benefit from investing in a ready to move apartment in Bangalore, rather than an under-construction one.
One of the prime advantages of a ready unit is the absence of any waiting period. All you have to do is make the payment, go through all the documentation work and move in. This also saves you from the double burden of paying your rent and the EMIs, in case you are getting the home purchase financed.
- Instant possession
When it comes to immediate possession, it makes sense to go for ready to move projects. In case of under construction homes, you need to wait for three to five years. During this phase, you might have better investment options. However, you need to shell out an amount for booking the apartment. Even if you come across better options after booking the property, it would be difficult to manage your funds. You would virtually lose the amount if you plan not to acquire the property.
- No rental payments
Purchasing a ready to move apartment in Bangalore would be beneficial to you from the financial standpoint. Once you make the investment, you need not shell out any amount for rent that you have been paying so long. The possession is immediate, and you can move to the property soon after you purchase it. You simply need to start repaying the bank loan in the form of EMIs. On the other hand, under-construction properties require the owner to pay EMIs for the new property. At the same time, you also need to pay rent to the property where you are currently residing.
- Peace of mind
Many property owners consider under-construction projects to be a cost-effective alternative to purchasing homes. However, the plan of the home is simply available on papers. Physically, it is not possible to verify the floor plan and quality of the homes unless the construction is over. This explains why it makes sense to purchase a ready to move property. Once you visit the complex, you can have a direct scrutiny and eventually, you can make the purchase. This implies that if you are not satisfied with the quality of construction, facilities, or features in the estate, you do not make the investment.
- Tax benefits
You must be knowing that purchasing a ready to move property brings you some tax benefits. When you take a home loan, a part of the interest you shell out each year becomes eligible to be exempted from your income tax. Considering that property values in Bangalore are moderately high, you can make a significant saving each year from such purchases. On the other hand, even if you block your amount by paying the booking charge in an under-construction project, you won’t benefit from any tax advantages.
Considering these aspects, it would be an intelligent move for you to go for ready to move apartments in Bangalore.
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